A onda de abertura de capital de bancos no Brasil

Título da Revista
ISSN da Revista
Título de Volume

This study investigates the wave of bank IPOs in Brazil from 2005 to 2007. We show that IPO-banks are ex-ante different from banks that continued to be privately held. Even before going public, IPO-banks were more profitable, showed a larger share of loans relative to total assets, had a lower proportion of non-performing loans and faced more capital constraints. These results show that IPOs cannot be explained simply by market timing, but are the result of superior growth opportunities of IPO-banks relative to banks that remained privately held. As such, macro-level market liquidity must be understood as a necessary, but not sufficient, condition for the occurrence of IPOs. Evidence on the effects of going public on bank performance also suggests an increase in the loans-asset ratio, accompanied by an increase in non-performing loans, even controlled by the credit boom that happened in this period. There is also evidence that IPO-banks increase their managerial efficiency, which may indicate an economies-of-scale effect.

Área do Conhecimento